TransferMoney using Firco Compliance Link & Bankers Almanac Global Payment File Plus
TransferMoney Latvia, one of Europe’s fastest growing cloud payment institutions, has selected Accuity to streamline its account and payments screening processes. The move is to help better identify financial crime risk, highlight potential sanctions breaches and flag potentially high-risk customers.
In addition to regulatory compliance, Accuity will also help TransferMoney boost its payment processing. By using Accuity’s Bankers Almanac Global Payments File Plus solution, which brings accurate routing information into the core of payment operations, TransferMoney will be able to guarantee uninterrupted straight-through processing—every time.
With the payments sector currently undergoing unprecedented change driven by technology and regulatory-based disruption, banks are now placing additional scrutiny on their supplier’s payment processing systems and compliance measures. Increased payment security requirements, such as closer monitoring and compliance with constantly changing sanctions and embargo lists are becoming the norm. Fintech organisations such as TransferMoney now need to include these additional security measures in their workflows in order to avoid making illegal transactions, which could lead to frozen payments, large fines and reputational damage. All of which could have adverse impact on clients.
For financial crime compliance screening,TransferMoney will be using an Accuity solution, Firco Compliance Link, which provides intelligent automated account and transaction screening with consolidated reviews and a full audit trail. Firco Compliance Link will provide TransferMoney with a high-level of transparency and analytical insight into its compliance processes that will help it meet regulatory requirements, whilst at the same time reducing its reliance on manual processes. Firco Compliance Link will provide a stable foundation on which TransferMoney can further build its regulatory compliance and enhanced due diligence programs.
Tom Golding, EVP, Risk and Compliance, Product and Strategy, Accuity commented: “International regulations continue to expand in order to combat financial crime and prevent the funding of terrorism. At the same time, customers are demanding faster processing of payments. As a fast-growing organisation in a space where the development of the payments and financial services ecosystem is rapidly advancing, TransferMoney now has a best practice compliance solution in place and is driving automation throughout its payments processing, all of which can provide great confidence to its multiple stakeholders.”
Dzintars Risters, CEO, TransferMoney, commented: “It was important to us to ensure from the outset that TransferMoney has best practice compliance measures and controls in place that international banks recognise. Accuity’s Bankers Almanac and Fircosoft brands are names known to and used by major institutions around the world. Using Firco Compliance Link and Bankers Almanac Global Payments File Plus helps us demonstrate to our customers that we are serious about compliance and serious about digitising and automating our processes to ensure faster payments for our customers.”
TransferMoney is a Global FinTech Institution that provides products and solutions for merchants. We have gained worldwide payments expertise that delivers results for our clients. Those results range from delivering omni-channel payment solutions to controlling risk and fraud to delivering higher conversion ratios. TransferMoney is committed to outstanding service, out-of-the box solutions and long-lasting relationships. Company operates as a registered European payment institution and is supervised by the Financial and Capital Market Commission (FCMC) under requirements of the Payment Services Directive (2007/64/EC).
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
The Accuity Firco Compliance Link solution is an end-to-end financial crime compliance solution that streamlines account and payments screening processes. Its flexible platform, unrivalled connectivity, best-in-class data and user-friendly interface make it a one-stop solution for organisations across a variety of sectors.
Bankers Almanac Global Payments File Plus provides regular updates of the financial institution data and routing information needed to accurately process cross-border payments anywhere in the world. This flexible data file allows organisations to embed payments validation checks and enrichment across each step of payments processing, enabling automation of client data verification during on-boarding and improved routing decisions through more effective back-office processes. Not only does this save time on manual payments processes, it also provides greater confidence that payments will go through the first time and every time.
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